BG Group confirms intention to buy rest of Queensland Gas Company

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BG Group confirmed that BG International (AUS) Investments has acquired over 90 per cent of the Queensland Gas Company.

The company said that it would be acquiring the remaining QGC shares but the compulsory acquisition process will not take place until later in the offer period which is due to expire on December 15th.

According to the company, the acquisition of 90 per cent of the Queensland Gas Company was complete by close of business November 14th.

BG Group warned shareholders that trading in QGC shares will be suspended five business days after a compulsory acquisition notice.

Those shareholders who failed to sell their shares into the bid within that time period would not be able to have BG AUS purchase further shares on market under the bid.

In a recent interim strategy update BG Group said the acquisition of QGC "enhances BG Group’s global gas strategy, builds on existing Australian domestic and export interests and provides both material Asia Pacific gas resources and Pacific Basin LNG supply".